G20: India to pen crypto guidance note as outcome eyed at Leaders' Summit in September

India expects an outcome to be reached with regard to crypto at the Leaders’ Summit that will be held from September 9-10 in New Delhi.

The Indian Presidency's guidance note on crypto will serve as an input in the discussions that will take place prior to next month's G20 Leaders' Summit where India is hoping for "some kind of outcome" in this area. These discussions will be on the synthesis paper by the International Monetary Fund (IMF) and Switzerland-based Financial Stability Board (FSB), tasked with the responsibility to synthesise the macroeconomic and regulatory perspectives of crypto-assets to help formulate policies.

The IMF-FSB synthesis paper is expected to be submitted before the Leaders' Summit. The guidance note will summarise all the work that has been done by various countries and organisations such as the IMF, FSB, and Bank for International Settlements, among others.

According to a source aware of developments, India expects an outcome to be reached with regard to crypto at the Leaders' Summit that will be held from September 9-10 in New Delhi. This "outcome" could range from recognition or appreciation of the kind of work which has taken place under India's Presidency to even perhaps a roadmap that may be agreed upon by the G20 members.

"If that roadmap is helpful, it can be carried forward to the next Presidency and it can be decided what is to be done: regulate or have a template. If there is a template, who does what, the implementation and legislative requirements, et cetera," the source said on July 16 on condition of anonymity.

Also read: Ban on crypto emerges as possibility as countries see need for regulation

The comments come ahead of the third meeting of G20 finance ministers and central bank governors which starts on July 17 in Gandhinagar, where crypto is expected to be one of the key talking points.

India has been at the forefront of crypto-related discussions and has been looking to build an international consensus on regulating them, with its argument being that only a global collaboration would be effective given the cross-border scale, scope, and challenges they present. At the second meeting of G20 finance ministers and central bank governors in Bengaluru, Reserve Bank of India (RBI) Governor Shaktikanta Das had said that some members of the G20 were of the opinion that a complete ban on crypto should be considered. Discussions on the matter have continued since the Bengaluru meeting at various forums, including the IMF-World Bank Spring Meetings in Washington DC earlier this year in April.